On August 18, 2015, Rayonier informed investors that the Company had filed an action against Eastman Chemical Company ("Eastman"), a significant customer of Rayonier, regarding its "chemical cellulose specialty products contract with Eastman." On August 19, 2015, Rayonier issued a press release further explaining the dispute with Eastman. Specifically, the press release stated that the language in the contract at issue involved the "meet or release" provisions of the agreement, which allow Eastman to obtain "third party offers that meet the requirements of the Supply Agreement [with the Company] for similar cellulose specialties products, and would require [Rayonier] to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party." In addition, the press release disclosed that on August 12, 2017, Eastman had filed an action against Rayonier regarding the same "meet or release" provisions in their contract.

On this news, Rayonier's share price fell $6.01, or 44.09%, to close at $7.62 on August 19, 2015.

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